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1
INTERPRETATION

2
AGREEMENTOF THE CREDITOR PARTIES

3
CONDITIONSPRECEDENT

4
REPRESENTATIONSAND WARRANTIES

5
AMENDMENTSTO LOAN AGREEMENT AND OTHER FINANCE DOCUMENTS

6
FURTHERASSURANCES

7
FEES ANDEXPENSES

8
COMMUNICATIONS

9
SUPPLEMENTAL

10
LAW ANDJURISDICTION

SCHEDULE1  LENDERS

SCHEDULE2  FINANCIAL COVENANTS DURING COVENANT WAIVERPERIOD

EXECUTIONPAGES

APPENDIX1  CORPORATE GUARANTEE SUPPLEMENT

APPENDIXII  SCHEDULE 5 REPAYMENT INSTALMENTS

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| (1)   | ARGYLE MARITIME CORP.,      CATON MARITIME      CORP., DORCHESTER      MARITIME CORP., LONGWOODS MARITIME      CORP., McHENRY      MARITIME CORP. and SUNSWYCK MARITIME CORP.,      each a company incorporated in the Marshall Islands whose registered      office is at Trust Company Complex, Ajeltake Island, Majuro, Marshall      Islands MH96960 as Joint      and Several Borrowers; |
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| (2)   | TBS INTERNATIONAL      LIMITED, a company incorporated in Bermuda whose principal office      is at Suite 306, Commerce Building, One Chancery Lane, Hamilton HM12,      Bermuda as CorporateGuarantor; |
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| (3)   | THE BANKS AND FINANCIAL      INSTITUTIONS listed in Schedule 1 as Lenders; |
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| (4)   | THE ROYAL BANK OF SCOTLAND      PLC as Mandated      Lead Arranger; |
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| (5)   | THE ROYAL BANK OF SCOTLAND PLC      as Bookrunner; |
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| (6)   | THE ROYAL BANK OF SCOTLAND PLC      as Agent; |
|-----------------|-----------------------------------------------|

| (7)   | THE ROYAL BANK OF SCOTLAND PLC      as Security      Trustee; and |
|-----------------|-------------------------------------------------------------------|

| (8)   | THE ROYAL BANK OF SCOTLAND PLC      as Swap      Bank. |
|-----------------|--------------------------------------------------------|

| (A)   | By      a loan agreement dated 29 March 2007 as amended by a side letter dated 26      March 2008 and made between (i) the Borrowers, (ii) the Lenders, (iii) the      Mandated Lead Arrangers, (iv) the Bookrunner, (v) the Agent, (vi) the      Security Trustee and (vii) the Swap Bank, the Lenders have made      available to the Borrowers a facility of  US$150,000,000. |
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| (B)   | By      a master agreement dated 29 March 2007 and made between the Borrowers      and the Swap Bank the Borrowers may enter into certain      transactions. |
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| (C)   | This      Agreement sets out the terms and conditions on which the Creditor Parties      agree, with effect on and from the Effective Date, at the request of the      Security Parties to waive certain covenants in the Loan Agreement on the      terms and conditions set out herein and to the consequential amendment of      the Loan Agreement, the Master Agreement and the other Finance Documents      in connection with those matters. |
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| 1   | INTERPRETATION |
|---------------|----------------|

| 1.1   | Defined      expressions.  Words and expressions defined in the Loan      Agreement, the Master Agreement and the other Finance Documents shall have      the same meanings when used in this Agreement unless the context otherwise      requires. |
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| 1.2   | Definitions.  In      this Agreement, unless the contrary intention  appears: |
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3

(A)

(B)

| 1.3   | Application of construction and      interpretation provisions of Loan Agreement.  Clauses 1.2      and 1.5 of the Loan Agreement apply, with any necessary modifications, to      this Agreement. |
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| 2   | AGREEMENT      OF THE CREDITOR PARTIES |
|---------------|----------------------------------------|

| 2.1   | Agreement of the      Lenders.  The Lenders agree, subject to and upon the      terms and conditions of this Agreement, to the amendments to the Loan      Agreement, the Master Agreement and the Finance Documents as set out in      Clause 5. |
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| 2.2   | Agreement of the Creditor      Parties.  The Creditor Parties agree, subject to and upon      the terms and conditions of this Agreement, to the consequential amendment      of the Loan Agreement, the Master Agreement and the other Finance      Documents in connection with the matters referred to in Clause 2.1. |
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| 2.3   | Agreement of the Borrowers and      the Corporate Guarantor.  The Borrowers and the Corporate      Guarantor hereby agree to the amendments to the Loan Agreement, the Master      Agreement and the Finance Documents as set out in Clause 5. |
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| 2.4   | Effective Date. The      agreement of the Lenders and the other Creditor Parties contained in      Clauses 2.1 and 2.2 shall have effect on and from the Effective      Date. |
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| 3   | CONDITIONS      PRECEDENT |
|---------------|---------------------------|

| 3.1   | General.  The      agreement of the Lenders and the other Creditor Parties contained in      Clauses 2.1 and 2.2 is subject to the fulfilment of the      conditions precedent in Clause 3.2. |
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| 3.2   | Conditions      precedent.  The conditions referred to in Clause 3.1 are that the Agent shall have received the      following documents and evidence in all respects in form and substance      satisfactory to the Agent and its lawyers on or before 6 April 2009 or      such later date as the Agent may agree with the Borrowers and the other      Security Parties: |
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| (a)   | documents      of the kind specified in Schedule 3, Part A, paragraphs 2, 3, 4 and 5 of      the Loan Agreement as amended and supplemented by this Agreement and      updated with appropriate modifications to refer to this Agreement and the      Corporate Guarantee Supplement; |
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| (b)   | a      duly executed original of this Agreement and the Corporate Guarantee      Supplement duly executed by the parties toit; |
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| (c)   | evidence      that the provisions of clause 9.1(d) and 9.1(e) of the Loan Agreement, as      amended and supplemented by this Agreement and updated with appropriate      modifications to refer to this Agreement, are complied with both as at the      date of this Agreement and the Effective Date;  and |
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| (d)   | any      further opinions, consents, agreements and documents in connection with      this Agreement, the Master Agreement and the Finance Documents which the      Agent may request by notice to the Borrowers and the Security Parties      prior to the Effective Date. |
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| 4   | REPRESENTATIONS      AND WARRANTIES |
|---------------|-------------------------------------|

| 4.1   | Repetition of Loan Agreement      representations and warranties.  The Borrowers represent      and warrant to the Creditor Parties that the representations and      warranties in clause 10 of the Loan Agreement, as amended and supplemented      by this Agreement and updated with appropriate modifications to refer to      this Agreement, remain true and not misleading if repeated on the date of      this Agreement and the Effective Date with reference to the circumstances      now and then existing. |
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| 4.2   | Repetition of Finance Document      representations and warranties.  The Borrowers and each      of the Security Parties represent and warrant to the Creditor Parties that      the representations and warranties in the Finance Documents (other than      the Loan Agreement) to which it is a party, as amended and supplemented by      this Agreement and updated with appropriate modifications to refer to this      Agreement, remain true and not misleading if repeated on the date of this      Agreement and the Effective Date with reference to the circumstances now      and then existing. |
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| 5   | AMENDMENTS      TO LOAN AGREEMENT AND OTHER FINANCEDOCUMENTS |
|---------------|--------------------------------------------------------------|

| 5.1   | Specific amendments to Loan      Agreement.  With effect on and from the Effective Date      the Loan Agreement shall be, and shall be deemed by this Agreement to be,      amended as follows: |
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| (a)   | the      definition of Margin in clause 1.1 shall be deleted and replaced with the      following: |
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| (b)   | so      that Schedule 5 of the Loan Agreement is deleted and replaced with the      amended schedule appended to this Agreement in Appendix  II; |
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| (c)   | clause      8.4(a) shall be amended so that the words “or in the event that a Loan is      being prepaid the amount of that Loan then outstanding” are inserted at      the end; |
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| (d)   | a      new clause 8.14 shall be inserted at the end of clause 8 as      follows: |
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|   | “8.14 | Prepayment due to      refinancing.  In the event that the Borrowers prepay the      Loan Facility or any part thereof as a result of a refinancing arranged by      a financial institution other than the Agent, the Borrowers shall pay to      the Agent (for the account of the Lenders) a prepayment fee of one per      cent. (1%) of the amount being prepaid such prepayment fee to be paid on      the same date as the amount beingprepaid.”; |
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| (e)   | so      that the financial covenants set out in paragraphs (a), (b), (c) and (d)      of Schedule 8 and referred to in clause 11.18 shall not apply during the      Covenant Waiver Period and so that on the next succeeding Business Day      following the last day of the Covenant Waiver Period the Borrowers shall      provide a compliance certificate in the form set out in Schedule 9      confirming that the Financial Covenants set out in Schedule 8 as amended      by this Agreement have been complied with during the last financial      quarter; |
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| (f)   | so      that during the Covenant Waiver Period the Borrowers and the Corporate      Guarantor undertake to comply with the financial covenants and the      undertakings set out in Schedule 2 of this  Agreement; |
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| (g)   | so      that the minimum required security cover set out in clause 15.1 shall be      reduced from One hundred and twenty five per cent. (125%) to One hundred      per cent. (100%) during the Covenant Waiver  Period; |
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| (h)   | so      that during the Covenant Waiver Period, the Lenders shall not be required      to make an Advance if the Loans relating to Ships which have not yet been      delivered (but including the Advance being requested by the Borrowers)      exceed 75% of (i) the aggregate Contract Value of the Ships and (ii) the      net realisable value of any additional security provided under the Loan      Agreement as amended by this Agreement and for the purpose of this Clause,      “Contract Value”      shall mean: |
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| (i)   | clauses      20.1 (b) to (g) shall be deleted and replaced with the      following: |
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|   | “(b) | quarterly      in arrears during the period from (and including) 27 March 2009 to the      earlier of (i) the Drawdown Date in relation to the Loan A Delivery      Advance and (ii) 31 May 2009 (or such later date as the Agent, in its sole      and absolute discretion shall agree) and on the last day of that period a      commitment fee at the rate of One point five per cent. (1.5%) per annum on      the undrawn balance of Loan A; |
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|   | (c) | quarterly      in arrears during the period from (and including) 27 March 2009 to the      earlier of (i) the Drawdown Date in relation to the Loan B Delivery      Advance and (ii) 30 November 2009 (or such later date as the Agent, in its      sole and absolute discretion shall agree) and on the last day of that      period a commitment fee at the rate of One point five per cent. (1.5%) per      annum on the undrawn balance of LoanB; |
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|   | (d) | quarterly      in arrears during the period from (and including) 27 March 2009 to the      earlier of (i) the Drawdown Date in relation to the Loan C Delivery      Advance and (ii) 30 April 2010 (or such later date as the Agent, in its      sole and absolute discretion shall agree) and on the last day of that      period a commitment fee at the rate of One point five per cent. (1.5%) per      annum on the undrawn balance of LoanC; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | quarterly      in arrears during the period from (and including) 27 March 2009 to the      earlier of (i) the Drawdown Date in relation to the Loan D Delivery      Advance and (ii) 31 August 2010 (or such later date as the Agent, in its      sole and absolute discretion shall agree) and on the last day of that      period a commitment fee at the rate of One point five per cent. (1.5%) per      annum on the undrawn balance of LoanD; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | quarterly      in arrears during the period from (and including) 27 March 2009 to the      earlier of (i) the Drawdown Date in relation to the Loan E Delivery      Advance and (ii) 30 June 2010 (or such later date as the Agent, in its      sole and absolute discretion shall agree) and on the last day of that      period a commitment fee at the rate of One point five per cent. (1.5%) per      annum on the undrawn balance of LoanE; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | quarterly      in arrears during the period from (and including) 27 March 2009 to the      earlier of (i) the Drawdown Date in relation to the Loan F Delivery      Advance and (ii) 31 October 2010 (or such later date as the Agent, in its      sole and absolute discretion shall agree) and on the last day of that      period a commitment fee at the rate of One point five per cent. (1.5%) per      annum on the undrawn balance of LoanF”;” |
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| (j)   | clause      1.1 shall be amended to include the definition of Amendment Fee      Letter; |
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| (k)   | the      definition of “Finance Documents” in clause 1.1 of the Loan Agreement      shall be amended to include the Amendment Fee Letter;  and |
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| (l)   | the      definitions of “Consolidated Interest Charges Coverage Ratio”,      “Consolidated EBITDA” and “Consolidated Interest Charges” in Schedule 8      shall be deleted and replaced with the  following: |
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| (m)   | the      Borrowers and the Corporate Guarantor undertake to provide the Lenders      with the benefit of any additional or more favourable financial covenants      provided to other financing parties under other or future financing      agreements in order that the Lenders shall be treated no less favourably      than any other of the financing parties to the Borrowers or the Corporate      Guarantor by providing details of such financial covenants in order that      appropriate amendments can be made to the Loan Agreement and the relevant      Finance Documents; |
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| (n)   | at      the end of the Covenant Waiver Period the parties to this Agreement agree      to review the terms of the Loan Agreement being amended pursuant to this      Agreement and any provisions that may need to be reviewed as a consequence      of these amendments; |
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| (o)   | so      that during the Covenant Waiver Period the Corporate Guarantor shall      provide to the Agent as soon as possible but in no event later than 30      days after the end of each calendar month update financial projections      including but not limited to revenues, operating expenses, net income,      cash balances, loan balances, working capital requirements and equity for      the period up to and including 31 December2011; |
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| (p)   | the      definition of, and references throughout to, the Master Agreement and each      Finance Document shall be construed as if the same referred to the Master      Agreement or that Finance Document as amended and supplemented by this      Agreement; and |
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| (q)   | by      construing references throughout to “this Agreement”, “hereunder” and other      like expressions as if the same referred to the Loan Agreement as amended      and supplemented by this Agreement. |
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| 5.2   | Amendments to Master Agreement      and Finance Documents.  With effect on and from the      Effective Date, the Master Agreement and each of the Finance Documents      other than the Loan Agreement, shall be, and shall be deemed by this      Agreement to be, amended asfollows: |
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| (a)   | the      definition of, and references throughout each of the Finance Documents to,      the Loan Agreement, the Master Agreement and any of the other Finance      Documents shall be construed as if the same referred to the Loan      Agreement, the Master Agreement and those Finance Documents as amended and      supplemented by this Agreement; |
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| (b)   | by      construing references throughout the Master Agreement and each of the      Finance Documents to “this Agreement”, “this Deed”, “hereunder” and other      like expressions as if the same referred to the Master Agreement and such      Finance Documents as amended and supplemented by this      Agreement. |
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| 5.3   | Master Agreement andFinance Documents to      remain in full force and effect.  The Master Agreement      and the Finance Documents shall remain in full force and effect as amended      and supplemented by the amendments to the Finance Documents contained or      referred to in Clause 5.1. |
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| 6   | FURTHER      ASSURANCES |
|---------------|-------------------------|

| 6.1   | Borrowers’ and each Security      Party’s obligation to execute further documents      etc.  Each Borrower and each Security Party      shall: |
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| (a)   | execute      and deliver to the Security Trustee (or as it may direct) any assignment,      mortgage, power of attorney, proxy or other document, governed by the law      of England or such other country as the Security Trustee may, in any      particular case, specify; |
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| (b)   | effect      any registration or notarisation, give any notice or take any other      step; |
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6.2

| 6.2   | Purposes of further      assurances.  Those purposes  are: |
|-----------------|----------------------------------------------------------------------|

| (a)   | validly      and effectively to create any Security Interest or right of any kind which      the Security Trustee intended should be created by or pursuant to the Loan      Agreement or any other Finance Document, each as amended and supplemented      by this Agreement; and |
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| (b)   | implementing      the terms and provisions of thisAgreement. |
|-----------------|--------------------------------------------------------------|

| 6.3   | Terms of further      assurances.  The Security Trustee may specify the terms      of any document to be executed by any Borrower or any Security Party under      Clause 6.1, and those terms may include any      covenants, powers and provisions which the Security Trustee considers      appropriate to protect itsinterests. |
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| 6.4   | Obligation to comply with      notice.  Any Borrower or any Security Party shall comply      with a notice under Clause 6.1 by the date      specified in the notice. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5   | Additional corporate      action.  At the same time as any Borrower or any Security      Party delivers to the Security Trustee any document executed under Clause      6.1(a), that Borrower or any Security Party      shall also deliver to the Security Trustee a certificate signed by 2 of      that Borrower’s or that Security Party’s directors which      shall: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | set      out the text of a resolution of that Borrower’s or that Security Party’s      directors specifically authorising the execution of the document specified      by the Security Trustee; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | state      that either the resolution was duly passed at a meeting of the directors      validly convened and held throughout which a quorum of directors entitled      to vote on the resolution was present or that the resolution has been      signed by all the directors and is valid under that Borrower’s or that      Security Party’s articles of association or other constitutional      documents. |
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| 7   | FEES      AND EXPENSES |
|---------------|------------------------|

| 7.1   | Amendment      fee.  The Borrowers shall pay to the Agent an amendment      fee in an amount specified in the Amendment Fee Letter on the date of this      Agreement. |
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| 7.2   | Expenses.  The      provisions of clauses 20.2 to 20.6 of the Loan Agreement, as amended and      supplemented by this Agreement, shall apply to this Agreement as if they      were expressly incorporated in this Agreement with any necessary      modifications. |
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| 8   | COMMUNICATIONS |
|---------------|----------------|

| 8.1   | General.  The      provisions of clause 27 (notices) of the Loan Agreement, as amended and      supplemented by this Agreement, shall apply to this Agreement as if they      were expressly incorporated in this Agreement with any necessary      modifications. |
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| 9   | SUPPLEMENTAL |
|---------------|--------------|

| 9.1   | Counterparts.  This      Agreement may be executed in any number of  counterparts. |
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| 9.2   | Finance      Documents.  This Agreement is a Finance      Document. |
|-----------------|-------------------------------------------------------------------------------|

| 9.3   | Third party      rights.  A person who is not a party to this Agreement      has no right under the Contracts (Rights of Third Parties) Act 1999 to      enforce or to enjoy the benefit of any term of this    Agreement. |
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| 10   | LAW      AND JURISDICTION |
|----------------|---------------------------|

| 10.1   | Governing      law.  This Agreement and any non-contractual obligations      arising from or in connection with it shall be governed by and construed      in accordance with English law. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2   | Incorporation of the Loan      Agreement provisions.  The provisions of clause 31 (law      and jurisdiction) of the Loan Agreement, shall apply to this      Agreement. |
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| Lender                                               | Lending      Office                                                                                                                                                                                                                                                                    | Commitment  |
|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|
| The      Royal Bank of Scotland plc                  | Shipping      Business Centre5-10      Great Tower StreetLondon      EC3P 3HXFax      No:                    +      44 207 085 7142Attn:      Transaction and Portfolio Management | $35,000,000 |
| Citibank,      N.A.                                  | 750      Washington BoulevardStamford      CT06901USAFax      No: + 1 866 772 2935Attn:      Gilbert Torres                                                                                                                                                                            | $15,000,000 |
| Landesbank      Hessen-Thüringen Girozentrale   | 420      Fifth Avenue, 24th FloorNew      York, NY 100108-2729USAFax      No: +1 212 703 5256Attn:      Corporate Finance/ Portfolio Management                                                                                                                                        | $30,000,000 |
| Norddeutsche      Landesbank Girozentrale            | Ship      and Aircraft Finance DepartmentFriednichswall      1030159      Hannover, GermanyFax      No: +49 511 361 4785Attn:      International Shipping Group II - Sebastian Schubert                                                                                                | $30,000,000 |
| Alliance      & Leicester Commercial Finance plc |  298      DeansgateManchesterM3      4HHFax      No: + 44 161 953 3517Attn      Corporate Administration Manager                                                                                                                                                        | $30,000,000 |
| Bank      of America, N.A.                           | Bank      of America100      Federal StreetBoston      MA 02110Fax      No: +617434 1955Attn:      Transportation Division - Credit Products                                                                                                                                           | $10,000,000 |

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| (a)   | Minimum      Consolidated Interest Charges Ratio.  Permit the Consolidated      Interest Charges Coverage Ratio as of the end of the period of      determination indicated below and for such period then ending of Holdings      and its Subsidiaries to be less than the ratio set forth below opposite      such period: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Period      of Determination                         | Minimum      Consolidated Interest Charges Coverage Ratio |
|------------------------------------------------------|-----------------------------------------------------------|
| Two      fiscal quarters ending June 30, 2009        | 1.10:1.00                                                 |
| Three      fiscal quarters ending September 30, 2009 | 1.35:1.00                                                 |
| Four      fiscal quarters ending December 31, 2009   | 1.75:1.00                                                 |
|                                                 |                                                      |

| (b)   | Minimum      Cash Liquidity.  For each calendar month ending on or after the      date hereof, minimum cash maintained by the Borrowers and the Corporate      Guarantor shall be not less than $40,000,000 of  which: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | a      minimum average of $10,000,000 in any calendar month shall be credited to      and continue to be held on an operating account maintained with the Agent      in the name of TBS Pacific Liner, Ltd.;and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | $20,000,000      shall be credited to a deposit account to be opened with the Agent and      such sum shall only be available to the Borrowers to be used to pay      instalments due under the Shipbuilding Contracts and which shall reduce as      each such payment is made. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | No      Dividends.  As long as no Event of Default has occurred the      Borrowers may pay any dividends to the Corporate Guarantor. The Corporate      Guarantor will not pay any dividend or make any other form of distribution      which it may otherwise have been permitted to make pursuant to clause      11.21 of the Loan Agreement. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The      Borrowers and the Corporate Guarantor each undertake not to purchase (and      to procure that none of their subsidiaries purchase) any additional      vessels without the prior written consent of the Agent acting on the      instructions of the MajorityLenders. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | The      Borrowers and the Corporate Guarantor acting individually or together      shall not invest more than $10,000,000 in aggregate in any joint ventures      of which any amounts in excess of $5,000,000 shall require the prior      written consent of the Agent acting on the instructions of the Majority      Lenders. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | The      Borrowers and the Corporate Guarantor shall not permit any new or increase      their existing off balance sheet operating leases, operating lease      payments and payments associated with vessels chartered in for more than 6      months without the prior written consent of the Agent acting on the      instructions of the Majority Lenders.  The Borrowers and the      Corporate Guarantor shall be permitted to enter new or increase their      existing off balance sheet operating leases, operating lease payments and      payments associated with vessels chartered in for less than 6 months      provided that they notify the Agent in writing promptly      thereafter. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | The      Borrowers and the Corporate Guarantor shall not permit any new or increase      their existing Financial Indebtedness, as defined in the Loan Agreement,      without the prior written consent of the Agent acting on the instructions      of the Majority Lenders. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| BORROWERS                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                             | )      |                             |
| by                                                                                                                                                                                                                                                                                  | )      |                             |
| ARGYLE      MARITIME CORP.                                                                                                                                                                                                                                                                                                                                                              | )      |                             |
| acting      by    Keith      Krut                                                                                                                                                                                                                                                                                                          | )      | /s/ Keith Krut                   |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                                                                   | )      |                             |
| in      the presence      of:                                                                                                                                                             | )      | /s/ Dimitrios Vourakis           |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                              | )      |                             |
| by                                                                                                                                                                                                                                                                                                                                                                                 | )      |                             |
| CATON MARITIME      CORP.                                                                                                                                                                                                                                                                | )      |                             |
| acting      by  Keith      Krut                                                                                                                                                                               | )      | /s/ Keith Krut                   |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                                                                                            | )      |                             |
| in      the presence      of:                                                                                                                                                                  | )      | /s/ Dimitrios Vourakis           |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                            | )      |                             |
| by                                                                                                                                                                                                                                                                                                                | )      |                             |
| DORCHESTER MARITIME      CORP.                                                                                                                                                                                                                                                                                                                                                                                   | )      |                             |
| acting      by Keith      Krut                                                                                                                                                                                                                                                                                                                                                | )      | /s/ Keith Krut                   |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                                        | )      |                             |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                                            | )      | /s/ Dimitrios Vourakis           |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                  | )      |                             |
| by                                                                               | )      |                             |
| LONGWOODS MARITIME      CORP.                                                                                                                                                                                                                                                                                                                                                                                    | )      |                             |
| acting      by      Keith      Krut                                                                                                                                                                                                                                                                                                                  | )      | /s/ Keith Krut                   |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                              | )      |                             |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                                       | )      | /s/ Dimitrios Vourakis           |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                       | )      |                             |
| by                                                                                                                                                                                                                                                                                                                | )      |                             |
| McHENRY      MARITIME CORP.                                                                                                                                                                                                                                                                                                                                                                            | )      |                             |
| acting      by     Keith      Krut                                                                                                                                                                                                                                                                                                                             | )      | /s/ Keith Krut                   |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                                        | )      |                             |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                                       | )      | /s/ Dimitrios Vourakis           |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                                                | )      |                             |
| by                                                                                                                                                                                                                                                                                                                | )      |                             |
| SUNSWYCK      MARITIME CORP.                                                                                                                                                                                                                                                                                                                                                                           | )      |                             |
| acting      by      Keith      Krut                                                                                                                                                                                                                                                                                                             | )      | /s/ Keith Krut                   |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                                             | )      |                             |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                                  | )      | /s/ Dimitrios Vourakis           |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| CORPORATE      GUARANTOR                                                                                                                                                                                                                                                                                                                                                                                                   |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                                      | )      |                             |
| by      TBS INTERNATIONAL      LIMITED                                                                                                                                                                                                                                                                                                                                                                                | )      |                             |
| acting      by     Keith      Krut                                                                                                                                                                                                                                                                                                                        | )      | /s/ Keith Krut                   |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                                             | )      |                             |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                                  | )      | /s/ Dimitrios Vourakis           |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                                    | )      |                             |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| LENDERS                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                            | )      |                             |
| by                                                                                                                                                                                                                      | )      |                             |
| THE      ROYAL BANK OF SCOTLAND PLC                                                                                                                                                                                                                                                                                                                                                                                   | )      |                             |
| acting      by    G.A. Stares                                                                                                                                                                                                                                                                                                                        | )      | /s/ G.A. Stares                  |
| its      duly authorised    attorney-in-fact                                                                                                                                                                                                                                                                                                                                                      | )      |                             |
| in      the presence      of:                                                                                                                                                                  | )      | /s/ C.L. Patrick                 |
| C.      L. Patrick                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| The      Royal Bank of Scotland Plc                                                                                                                                                                                                                                                                                                                                                                                        |   |                             |
| Shipping      Business Centre                                                                                                                                                                                                                                                                                                                                                                                              |   |                             |
| 5-10      Great Tower Street                                                                                                                                                                                                                                                                                                                                                                                               |   |                             |
| London      EC3P 3HX                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                             | )      |                             |
| by                                                                                                             | )      |                             |
| CITIBANK,      N.A.                                                                                                                                                                                                               | )      |                             |
| acting      by   Kavita      Shah                                                                                                                                                                                                                                         | )      | /s/ Kavita Shah                  |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                                             | )      |                             |
| in      the presence      of:                                                                                                                                                                                                     | )      | /s/ Emily King                   |
| Emily      King                                                                                                                                                                                                                                                                                                                                                                                                            |   |                             |
| Trainee      Solicitor                                                                                                                                                                                                                                                                                                                                                                                                     |   |                             |
| Watson      Farley & Williams LLP                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| 15      Appold Street                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| London      EC2A 2HB                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                         | )      |                             |
| by                                                                     | )      |                             |
| LANDESBANK      HESSEN-THÜRINGEN                                                                                                                                                                                                                                                    | )      |                             |
| GIROZENTRALE                                                                                                                       | )      |                             |
| acting      by    Kavita      Shah                                                                                                                                                             | )      | /s/ Kavita Shah                  |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                                                                                       | )      |                             |
| in      the presence      of:                                                                                            | )      | /s/ Emily King                   |
| Emily      King                                                                                                                                                                                                                                                                                                                                                                                                            |   |                             |
| Trainee      Solicitor                                                                                                                                                                                                                                                                                                                                                                                                     |   |                             |
| Watson      Farley & Williams LLP                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| 15      Appold Street                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| London      EC2A 2HB                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                     | )      |                             |
| by                                                                                         | )      |                             |
| NORDDEUTSCHE      LANDESBANK                                                                                                                                                                                                           | )      |                             |
| GIROZENTRALE                                                                          | )      |                             |
| acting      by    Kavita      Shah                                                                                                      | )      | /s/ Kavita Shah                  |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                            | )      |                             |
| in      the presence      of:                                                                             |   | /s/ Emily King                   |
| Emily      King                                                                                                                                                                                                                                                                                                                                                                                                            |   |                             |
| Trainee      Solicitor                                                                                                                                                                                                                                                                                                                                                                                                     |   |                             |
| Watson      Farley & Williams LLP                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| 15      Appold Street                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| London      EC2A 2HB                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                       | )      |                             |
| by                                                                                                                  | )      |                             |
| ALLIANCE &      LEICESTER                                                                                                                                                                                 | )      |                             |
| COMMERCIAL FINANCE      PLC                                                                                                                                                                                                                                                                                                                               | )      |                             |
| acting      by      Mark      Mccarthy                                                                                                                                                              | )      | /s/ Mark McCarthy                |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                            | )      |                             |
| in      the presence      of:                                                                             | )      | /s/ Barbara McCarthy             |
| Barbara      McCarthy                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| 2      Shorter Avenue                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| Shenfield,      Essex                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                          | )      |                             |
| by                                                                                         | )      |                             |
| BANK OF AMERICA,      N.A.                                                                                                                                                           | )      |                             |
| acting      by      Kavita      Shah                                                                                                                        | )      | /s/ Kavita Shah                  |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                                                                                  | )      |                             |
| in      the presence      of:                                                                                                                                                                                 | )      | /s/ Emily King                   |
| Emily      King                                                                                                                                                                                                                                                                                                                                                                                                            |   |                             |
| Trainee      Solicitor                                                                                                                                                                                                                                                                                                                                                                                                     |   |                             |
| Watson      Farley & Williams LLP                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| 15      Appold Street                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
| London      EC2A 2HB                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| MANDATED      LEAD ARRANGERS                                                                                                                                                                                                                                                                                                                                                                                               |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                               | )      |                             |
| by                                                                                                                  | )      |                             |
| THE      ROYAL BANK OF SCOTLAND PLC                                                                                                                                                                                                                                                                                                                                                                                   | )      |                             |
| acting      by G. A.      Stares                                                                                                                                           | )      |  /s/      G.A. Stares  |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                                                              | )      |                             |
| in      the presence      of:                                                                                                                                                                                                                                                                                     | )      | /s/ C.L. Patrick                 |
| C.L.      Patrick                                                                                                                                                                                                                                                                                                                                              |   |                             |
| The      Royal Bank of Scotland Plc                                                                                                                                                                                                                                                                                                                                                                                        |   |                             |
| Shipping      Business Centre                                                                                                                                                                                                                                                                                                                                                                                              |   |                             |
| 5-10      Great Tower Street                                                                                                                                                                                                                                                                                                                                                                                               |   |                             |
| London      EC3P      3HX                                                                                                                                                                           |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| BOOKRUNNER                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                             | )      |                             |
| by                                                                                                                  | )      |                             |
| THE      ROYAL BANK OF SCOTLAND PLC                                                                                                                                                                                                                                                                                                                                                                                   | )      |                             |
| acting      by G.      A. Stares                                                                                                                            | )      |  /s/      G.A. Stares  |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                                                              | )      |                             |
| in      the presence      of:                                                                                  | )      | /s/ C.L. Patrick                 |
| C.L.      Patrick                                                                                                                                                                                                                                                                                                                                              |   |                             |
| The      Royal Bank of Scotland Plc                                                                                                                                                                                                                                                                                                                                                                                        |   |                             |
| Shipping      Business Centre                                                                                                                                                                                                                                                                                                                                                                                              |   |                             |
| 5-10      Great Tower Street                                                                                                                                                                                                                                                                                                                                                                                               |   |                             |
| London      EC3P      3HX                                                                                                                                                                           |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| AGENT                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                      | )      |                             |
| by                                                                                                                  | )      |                             |
| THE      ROYAL BANK OF SCOTLAND PLC                                                                                                                                                                                                                                                                                                                                                                                   | )      |                             |
| acting      by     Philip A. Pentney                                                                                                                                                                                                                                                                                                                                                              | )      | /s/ Philip A. Pentney            |
| Senior      Director                                                                                                                                                                                                                                                                                                                                                                                                  | )      |                             |
| Head      of Syndicated Loans      Agency                                                                                                                                                                                                             | )      |                             |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                      | )      |                             |
| in      the presence      of:                                                                                                      | )      | /s/ Jayne Jeffrey                |
| Jayne      Jeffrey                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| Syndicated      Loans Agency                                                                                                                                                                                                                                                                                                                                                                                               |   |                             |
| The      Royal Bank of Scotland                                                                                                                                                                                                                                                                                                                                                                                            |   |                             |
| 135      Bishopsgate                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| London      EC2M 3UR                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| SECURITY      TRUSTEE                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                  | )      |                             |
| by                                                                                                                                                                    | )      |                             |
| THE      ROYAL BANK OF SCOTLAND PLC                                                                                                                                                                                                                                                                                                                                                                                   | )      |                             |
| acting      by   Philip A. Pentney                                                                                                                                                                                                                                                                                                                                                                          | )      | /s/ Philip A. Pentney            |
| Senior      Director                                                                                                                                                                                                                                                                                                                                                                                                  | )      |                             |
| Head      of Syndicated Loans      Agency                                                                                                                                                                                                                                                                                                                 | )      |                             |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                 | )      |                             |
| in      the presence      of:                                                                                                           | )      | /s/ Jayne Jeffrey                |
| Jayne      Jeffrey                                                                                                                                                                                                                                                                                                                                                                                                         |   |                             |
| Syndicated      Loans Agency                                                                                                                                                                                                                                                                                                                                                                                               |   |                             |
| The      Royal Bank of Scotland                                                                                                                                                                                                                                                                                                                                                                                            |   |                             |
| 135      Bishopsgate                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| London      EC2M 3UR                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| SWAP      BANK                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |
| EXECUTED as a DEED                                                                                                                                               | )      |                             |
| by                                                                                                                                                                                   | )      |                             |
| THE      ROYAL BANK OF SCOTLAND PLC                                                                                                                                                                                                                                                                                                                                                                                   | )      |                             |
| acting      by G.A. Stares                                                                                                                                                                                                   | )      |  /s/ G. A. Stares           |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                                                                                            | )      |                             |
| in      the presence      of:                                                                                                                | )      | /s/ C.L. Patrick                 |
| C.L.      Patrick                                                                                                                                                                                                                                                                                                                                              |   |                             |
| The      Royal Bank of Scotland Plc                                                                                                                                                                                                                                                                                                                                                                                        |   |                             |
| Shipping      Business Centre                                                                                                                                                                                                                                                                                                                                                                                              |   |                             |
| 5-10      Great Tower Street                                                                                                                                                                                                                                                                                                                                                                                               |   |                             |
| London      EC3P      3HX                                                                                                                                                                           |   |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                             |

----

| To: | The      Royal Bank of Scotland plc |
|-----|-------------------------------------|

|   | Shipping      Business Centre |
|--------|-------------------------------|

|   | 5-10      Great Tower Street |
|--------|------------------------------|

|   | London      EC3P 3HX |
|--------|----------------------|

|   | in      its capacity as Security Trustee |
|--------|------------------------------------------|

| (i) | the      loan agreement dated 29 March 2007 as amended by a side letter dated 26      March 2008 as further supplemented by a supplemental agreement dated 27      March 2009 (the “Loan      Agreement”) made between Argyle Maritime Corp., Caton Maritime      Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry      Maritime Corp. and Sunswyck Maritime Corp., as joint and several borrowers      (the “Borrowers”)      the Lenders listed therein, yourselves as mandated lead arranger,      bookrunner, agent, security trustee and swap bank pursuant to which the      Lenders have made available to the Borrowers a loan facility of One      hundred and fifty million Dollars ($150,000,000) upon the terms and      conditions specified therein; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | the      master agreement (on the 1992 ISDA Master Agreement      (Multicurrency-Crossborder) form) dated 29 March 2007 (the “Master Agreement”) made      between the Borrowers and yourselves as swap bank pursuant to which the      Borrowers entered into or may enter into certain Transactions (as such      term is defined in the said Master Agreement) pursuant to separate      Confirmations (as such term is defined in the said Master Agreement) upon      the terms and conditions thereincontained; |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | the      Guarantee dated 29 March 2007 (the “Corporate Guarantee”)      executed in your favour in your capacity as security trustee whereby we      have guaranteed all the obligations of the Borrowers under the Loan      Agreement and the Master Agreement. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----